v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating Activities    
Net income $ 5,780,000 $ 6,461,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 927,000 890,000
Provision for credit losses 522,000 404,000
Reserve for make whole agreement 23,000 0
Net gain on investment debit and equity securities (96,000) 0
Net unrealized gain on equity securities (268,000) 0
Net gain on sale of loans (44,000) (22,000)
Proceeds from sales of residential mortgages held-for-sale 2,565,000 668,000
Origination of residential mortgages held-for-sale (2,670,000) (2,005,000)
Increase in cash surrender value of bank-owned life insurance (225,000) (168,000)
Stock-based compensation expense 298,000 164,000
Amortization of core deposit intangible asset 332,000 0
Deferred income tax (income) expense (917,000) 32,000
Net (decrease) increase in income taxes payable (754,000) 199,000
Net decrease (increase) in accrued interest receivable 31,000 (37,000)
Fair value remeasurements on interest rate swap 42,000 (70,000)
Amortization of mortgage servicing rights and change in valuation allowance 21,000 21,000
Net amortization of premiums and discounts on investment securities 252,000 520,000
Net amortization of deferred costs on subordinated debt 100,000 100,000
Net decrease in accrued interest payable (988,000) (1,329,000)
Operating lease payments (395,000) (323,000)
(Increase) decrease in other assets (398,000) 456,000
Increase (Decrease) in other liabilities 812,000 (1,217,000)
Net cash provided by operating activities 4,950,000 4,744,000
Investing Activities    
Proceeds from payments, maturities and calls of investments available-for-sale 68,094,000 49,226,000
Proceeds from sale of investment securities available-for-sale 6,752,000 0
Purchases of investments available-for-sale (33,449,000) (40,452,000)
Proceeds from redemption of investment in restricted stock 6,776,000 3,270,000
Purchases of restricted stock (5,948,000) (3,606,000)
Net increase in loans (45,540,000) (1,615,000)
Net purchases of premises and equipment (1,525,000) (413,000)
Cash received in acquisition 20,553,000 0
Net cash provided by investing activities 15,713,000 6,410,000
Financing Activities    
Net increase in non-interest-bearing deposits 5,002,000 17,961,000
Net increase in interest-bearing deposits 10,463,000 5,165,000
Net (decrease) increase in short-term borrowings (5,173,000) 13,620,000
Repayments of long-term debt 0 (30,000,000)
Cash dividends paid, net of reinvestment (3,078,000) (2,489,000)
Proceeds from issuance of common stock 1,166,000 347,000
Net cash provided by financing activities 8,380,000 4,604,000
Increase in cash and cash equivalents 29,043,000 15,758,000
Cash and cash equivalents at beginning of year 50,297,000 50,713,000
Cash and cash equivalents at end of period 79,340,000 66,471,000
Supplemental Cash Flow Disclosures    
Interest paid 22,360,000 22,448,000
Federal income taxes paid, net of refunds received 2,000,000 1,400,000
State income taxes paid, net of refunds received 80,000 0
Supplemental Schedule of Non-cash Investing and Financing Activities    
Transfer of loans from held-for-sale to loans receivable 0 857,000
Right-of-use assets obtained in exchange for new operating lease liabilities 3,420,000 0
Non-cash consideration transferred for the Victory Acquisition $ 47,103,000 $ 0